JPMorgan, Ripple, Mastercard and Ondo Finance have teamed up to transfer tokenized U.S. Treasurys across borders using both blockchain and interbank payment rails.
“By combining the XRP Ledger with global banking infrastructure, this pilot shows how institutions can execute cross-border transactions in a single integrated flow,” Ripple said in a post to X on Wednesday. Ripple is the primary advocate for XRP Ledger, an onchain payment rail.
The pilot transaction involved Ondo initially processing its OUSG onchain fund redemption for Ripple on the XRP Ledger. OUSG is a tokenized U.S. Treasury product.
That was followed by Mastercard’s multi-token network being used to route instructions via Kinexys, JPMorgan’s blockchain-based payments platform. Finally, JPMorgan “delivered USD to Ripple’s Singapore bank account,” Ondo said in a post to X.
“Tokenized assets are no longer separate from the global financial system,” Ondo said. “For the first time, a public blockchain and global banking infrastructure settled a cross-border transaction of a tokenized fund together in real time.”
The pilot transaction represents another example of crypto firms, payments companies and Wall Street institutions coming together to explore faster, cheaper payment and settlement systems that can operate around the clock.
Almost exactly a year ago, JPMorgan’s Kinexys, Chainlink, and Ondo Finance completed a test transaction that settled a tokenized U.S. Treasurys fund, a test case of moving the asset across a public and a permissioned blockchain network.
Shortly after that transaction, Ondo launched OUSG, or the Ondo Short-Term U.S. Government Treasuries, on the XRP Ledger. Launched in 2023, OUSG had previously been deployed on Ethereum, Polygon, and Solana.
Offering a 3.48% APY, OUSG has a total value locked of $610 million, according to Ondo.
© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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